According to Alfred Marshall, small firms produce a good more efficiently than a monopoly
Indicate whether the statement is true or false
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Refer to the above figure. Suppose the economy had been at point A and now is at B. What could have caused the movement to B?
A) Unusually good weather causes the wheat crop to be larger than normal. B) Both the labor force and the population increased. C) Winter storms cause factories in the north to be shut down for several weeks. D) Government spending increased causing aggregate demand to increase.
The household survey asks adults about their employment status and is used to compile the monthly unemployment rate
Indicate whether the statement is true or false
John is trying to decide whether to expand his business or not. If he continues his business as it is, with no expansion, there is a 50 percent chance he will earn $100,000 and a 50 percent chance he will earn $300,000. If he does expand, there is a 30 percent chance he will earn $100,000, a 30 percent chance he will earn $300,000 and a 40 percent chance he will earn $500,000. It will cost him $150,000 to expand. John should:
A. expand, since he expects to earn $320,000 by expanding, and it will only cost him $150,000 to do so. B. not expand, because there is a chance John will earn the same as if he didn't expand and would be out the $150,000 investment. C. not expand, since he expects to earn $120,000 more by expanding than not, and it will cost him $150,000 to do so. D. expand, since he has a 70 percent chance of earning more than the cost of expansion.
If adopted by a firm, a labor-saving piece of technology is one that would:
A. increase labor demand. B. increase labor supply. C. decrease labor demand. D. decrease labor supply.